Search results for

? Nordic Investment Bank Rating: Aaa/AAA

The Netherlands' De Nationale Investeringsbank launched its fifth securitisation of Dutch mortgages last Friday, with a new team of joint bookrunners alongside its own syndicate desk. Dresdner Kleinwort Benson and Paribas replaced established underwriters Bear Stearns and ING Barings-BBL for the Eu300m deal. "Our objective was to have over two thirds of the bonds placed outside the Netherlands, and since Germany and France are the biggest markets in the eurozone, we chose a German and a French bank," said Rob van den Berg, head of securitisation at DNIB in The Hague. "The result was excellent - the bonds were all sold, around 80% of them to international investors."

A consortium of JP Morgan and Goldman Sachs is locked in a bidding battle with Morgan Stanley Dean Witter to buy Credito Fondiario e Industriale SpA (Fonspa), an Italian mortgage bank. The bidders are finalising their due diligence and must submit bids at the end of next week.

Ireland's largest mortgage lender, Irish Life & Permanent Plc, securitised its domestic home loans for the first time this week, in a Eu600m deal that is the biggest securitisation of Irish assets. Before its merger with Irish Life earlier this year, Irish Permanent had taken its UK mortgage portfolio off balance sheet with a £400m securitisation arranged, like this week's deal, by Greenwich NatWest. Launched last November, Auburn Securities 1 parcelled loans originated by Capital Home Loans Ltd, a UK non-bank lender acquired by Irish Permanent in 1996.

* UK healthcare company Bupa will launch its £250m securitisation of operating revenues from nursing homes next week through Merrill Lynch. UK Care No 1 will comprise £185m of fixed rate triple-A bonds and £65m of single-A paper with average lives over 20 years and final maturity in 2029. The senior notes will mature as a bullet through a swap. * Paribas plans to launch its securitisation of employee mortgages for Electricité de France, worth nearly Eu1bn, next week. The bank will bring the Eu1bn Domos 6 mortgage securitisation for its subsidiary Paribas Retail Financial Services the following week.

European options on an underlying S were initially introduced as a mean of protection against a rise or fall of S between today and the expiry of the option.

Debt issuance from Asia is set to be dominated by China until the end of the month, with roadshows starting next week for both China Telecom (CT) and the Export Import Bank of China (Chexim). To avoid directly competing against each other, the two borrowers are to begin presentations at opposite ends of the globe with Chexim kicking off presentations in London in the middle of next week and China Telecom in Singapore on Monday.

Deutsche Siedlungs-und Landesrentenbank (DSL) broke the recent drought in Australia's Kangaroo market this week when it launched its third such offering to date. Once again led by Deutsche Bank and Warburg Dillon Read, the triple-A rated bank raised a further A$300m in three year money, bringing total outstandings to the A$1.55bn mark.

Hyundai Electronics completed its debut $100m GDR sale this week via first time lead manager in the Korean market Donaldson, Lufkin & Jenrette. A total of 6.62m underlying shares were sold with two shares to each GDR.

The Japanese government will announce its plans for the sale of a $12bn stake in Nippon Telegraph & Telephone today (Friday), heralding the largest international equity offering of the year. Pre-marketing for the 952,000 share sale will begin on Monday with roadshows due to launch a week later. The deal will close during the first week of November and was timed to prevent a clash with the A$17bn Telstra offer.

The Hong Kong share placement for Pacific Century CyberWorks, the largest so far this year, was engulfed in controversy this week after what appeared to be an unprecedented breach of a lock-up agreement. The 635m share issue (plus 92.25m share greenshoe of which 33.863m has been exercised) has so far raised a total of HK$4.08bn ($524.42m). The deal follows a sale - forced by Hong Kong Stock Exchange - to raise the company's freefloat to a minimum 25% just a month ago.